Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 374 · 40 questions

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

1. 1.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
2. 2.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
3. 3.True or false: “run by directors” is true of a sole trader. (a) False (b) True
4. 4.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.A small business sells 22 handmade cards at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
8. 8.A small business sells 42 painted pebbles at ₹30 each. Its costs are ₹1040. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) run by directors
11. 11.A small business sells 21 painted pebbles at ₹20 each. What is its revenue (in ₹)?
12. 12.A small business selling painted pebbles had a revenue of ₹1440 and a profit of ₹230. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
14. 14.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
16. 16.A small business selling friendship bands had a revenue of ₹490 and a profit of ₹350. What were its costs (in ₹)?
17. 17.A small business selling cupcakes had a revenue of ₹1380 and a profit of ₹1250. What were its costs (in ₹)?
18. 18.A small business sells 14 glasses of chai at ₹30 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
20. 20.True or false: “simplest to start” is true of a company. (a) False (b) True
21. 21.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner keeps all profit
22. 22.A small business sells 58 fruit cups at ₹5 each. Its costs are ₹190. What is its profit (in ₹)?
23. 23.A small business sells 47 glasses of chai at ₹40 each. Its costs are ₹1340. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
28. 28.A small business selling clay diyas had a revenue of ₹2400 and a profit of ₹1100. What were its costs (in ₹)?
29. 29.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.A small business sells 31 painted pebbles at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
32. 32.A small business selling clay diyas had a revenue of ₹390 and a profit of ₹110. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
34. 34.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
35. 35.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
37. 37.A small business sells 33 painted pebbles at ₹10 each. What is its revenue (in ₹)?
38. 38.True or false: “one owner runs it” is true of a company. (a) True (b) False
39. 39.A small business sells 10 cups of lemonade at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) owned by shareholders

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